Oil futures fell more than $1 early on Monday as protests in top importer China over strict COVID-19 curbs fuelled demand worries, while investors remained cautious ahead of an agreement on a Western price cap on Russian oil and an OPEC+ meeting.
Brent crude dropped $1.01, or 1.2%, to trade at $82.62 a barrel at 0110 GMT. U.S. West Texas Intermediate crude slid $1.09, or 1.4%, to $75.19.
"On top of growing concerns about weaker fuel demand in China due to a surge in COVID-19 cases, political uncertainty, caused by rare protests over the government's stringent COVID restrictions in Shanghai, prompted selling," said Hiroyuki Kikukawa, general manager of research at Nissan Securities. China, the world's top oil importer, has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions.
Meanwhile, Group of Seven and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets.
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